Medallion Metals strikes hidden sulphide Gem at Ravensthorpe

Medallion Metals strikes sulphides outside its 1.46Moz AuEq resource
First deep hole into Gem deposit footwall hits pyrrhotite-chalcopyrite lode
Company continues exploration success with a final investment decision due in Q4
Drilling investigates a new lode deeper into the Gem deposit footwall

Special Report: Medallion Metals has uncovered a new sulphide lode outside the weighty Kundip Mining Centre resources within its greater Ravensthorpe gold project in WA – an intercept that could represent a previously unidentified, mineralised structure beneath the Gem deposit.

Medallion Metals (ASX:MM8) intersected a 6.7-metre stretch of semi-massive to massive sulphides in the footwall of the Gem deposit, part of the KMC’s 1.29Moz gold and 56,000t copper JORC resource.

This is the first drill hole to test a new lode position approximately 60m into the footwall of the main Gem mineralisation and more than 320m below surface. While assays are pending, the visuals are considered highly encouraging, with potential implications for further resource expansion.

Medallion managing director Paul Bennett congratulated the project team for generating another “outstanding exploration result”.

“The intercept is further evidence we are just scratching the surface of this significant mineral system which we are confident has plenty more upside to deliver to our shareholders from ongoing drilling,” Bennett said.

“Credit to the team’s technical capability and willingness to take informed risks which appear to have defined a new mineralised lode, outside the limits of the current Mineral Resource.”

Assays are expected in May, and a follow-up drilling program is being designed to test this emerging lode position, with hole extensions and additional step-out drilling planned.

Plan view of Kundip Mining Centre showing 2024-25 reported drilling results above 10 GxM AuEq, including the sulphide-intersecting hole into Gem. Pic: MM8

Expanding the Kundip system

Medallion is heading towards a final investment decision for the Ravensthorpe project in Q4 2025. But with high-grade hits like this emerging beyond established resources, there’s growing potential for resource growth and a broader development scope – a good problem.

Infill drilling has continued to increase the company’s confidence in both grade and continuity of its primary resource. Meanwhile, broad zones of polymetallic mineralisation – including copper and gold – intersected to the south have identified further potential feed sources.

Medallion has been fielding plenty of interest to move towards production of gold and copper concentrates – both of which are in global demand – and and has a key infrastructure advantage in the form of a mothballed nickel mill which can be quickly repurposed, enabling accelerated project delivery with lower capital intensity.

Importantly, the project is located in a tier-one mining jurisdiction in Western Australia, with strong ESG credentials and access to established infrastructure.

This article was developed in collaboration with Medallion Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.